Wisdomtree Brent Crude Oil 3x Daily ETF Forecast
Wisdomtree Brent Crude Oil 3x Daily ETF upgraded from Sell Candidate to Hold/Accumulate after Friday trading session.
(Updated on Jun 28, 2024)
The Wisdomtree Brent Crude Oil 3x Daily ETF price gained 1.53% on the last trading day (Friday, 28th Jun 2024), rising from 0.654€ to 0.664€. During the last trading day the ETF fluctuated 5.39% from a day low at 0.636€ to a day high of 0.671€. The price has fallen in 6 of the last 10 days and is down by -9.38% for this period. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 169 thousand more shares were traded than the day before. In total, 680 thousand shares were bought and sold for approximately 451.63€ thousand.
The ETF lies in the lower part of a very wide and strong rising trend in the short term, and this may normally pose a very good buying opportunity. If the lower trend floor at 0.656€ is broken, it will firstly indicate a slower rate of rising, but may also be an early warning for a trend shift. Given the current short-term trend, the ETF is expected to rise 12.29% during the next 3 months and, with a 90% probability hold a price between 0.736€ and 1.01€ at the end of this 3-month period.
Ready to grow your portfolio? Here's your beginner's guide to opening a free brokerage account.
3BRS.MI Signals & Forecast
A buy signal was issued from a pivot bottom point on Thursday, June 27, 2024, and so far it has risen 1.53%. Further rise is indicated until a new top pivot has been found. Wisdomtree Brent Crude Oil 3x Daily has increased volume and follows the last lift in the price. This is considered to be a technical positive sign as volume should follow the price-formation. Higher liquidity also reduces the general risk. Some negative signals were issued as well, and these may have some influence on the near short-term development. The Wisdomtree Brent Crude Oil 3x Daily ETF holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. Also, there is a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up, there will be some resistance from the lines at 0.666€ and 0.732€. A break-up above any of these levels will issue buy signals. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Wisdomtree Brent Crude Oil 3x Daily ETF
Wisdomtree Brent Crude Oil 3x Daily finds support from accumulated volume at 0.650€ and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This ETF may move much during the day (volatility) and with a large prediction interval from the Bollinger Band this ETF is considered to be "high risk". During the last day, the ETF moved 0.0343€ between high and low, or 5.39%. For the last week, the ETF has had daily average volatility of 3.99%.
Wisdomtree Brent Crude Oil 3x Daily is oversold on RSI14 (23). Some ETFS may drop long and hard while being oversold on RSI before turning, which increases the general risk.
Our recommended stop-loss: 0.621€ (-6.45%) (This ETF has high daily movements and this gives high risk. Low RSI14 is 23 which reduces the risk some. There is a buy signal from a pivot bottom found 17 days ago.)
Trading Expectations (3BRS.MI) For The Upcoming Trading Day Of Monday 1st
For the upcoming trading day on Monday, 1st we expect Wisdomtree Brent Crude Oil 3x Daily Short to open at 0.657€, and during the day (based on 14 day Average True Range), to move between 0.633€ and 0.696€, which gives a possible trading interval of +/-0.0313€ (+/-4.71%) up or down from last closing price. If Wisdomtree Brent Crude Oil 3x Daily Short takes out the full calculated possible swing range there will be an estimated 9.42% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at 0.650€ (2.23%) than the resistance at 0.722€ (8.72%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Is Wisdomtree Brent Crude Oil 3x Daily Short ETF A Buy?
Wisdomtree Brent Crude Oil 3x Daily holds several negative signals and this should be a sell candidate, but due to the general chance for a turnaround situation it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. We have upgraded our analysis conclusion for this ETF since the last evaluation from a Sell to a Hold/Accumulate candidate.
Current score: -0.608 Hold/Accumulate Upgraded
Predicted Opening Price for Wisdomtree Brent Crude Oil 3x Daily Short of Monday, July 1, 2024
| Fair opening price July 1, 2024 | Current price |
|---|---|
| 0.657€ ( 1.09%) | 0.664€ |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for 3BRS.MI
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.691 | 4.07% |
| R2 | 0.678 | 2.10% |
| R1 | 0.670 | 0.88% |
| Price | 0.664 | |
| S1 | 0.644 | -3.06% |
| S2 | 0.636 | -4.28% |
| S3 | 0.623 | -6.25% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 0.733 | 10.36% |
| R2 | 0.725 | 9.14% |
| R1 | 0.722 | 8.72% |
| Price | 0.664 | |
| S1 | 0.650 | -2.23% |
| S2 | 0.595 | -10.42% |
| S3 | 0.589 | -11.28% |
FAQ
Click here for our free guide on how to buy Wisdomtree Brent Crude Oil 3x Daily Short ETF.
